3M Announces CEO for Healthcare Spinoff

3M has appointed Bryan Hanson as the chief executive officer of its healthcare spinoff, which is set to become an independent company. Hanson, the current president and CEO of musculoskeletal company Zimmer Biomet Holdings, will join 3M on September 1st to lead its healthcare business group.

The decision comes as part of 3M's plan to separate its healthcare business, which generated $8.4 billion in sales in 2022. Many conglomerates, including 3M, are opting for spinoffs to enhance the growth and profitability of specific business sectors.

Meanwhile, Zimmer Biomet has announced Ivan Tornos as its new president and CEO, taking over from Hanson. Tornos, who was the chief operating officer of Zimmer since March 2021, will also join the company's board. Suketu Upadhyay, the executive vice president and CFO since 2019, will now oversee global operations and supply-chain functions.

To oversee the spinoff, 3M has appointed Carrie Cox, a seasoned professional in the healthcare industry, as the chairman of the independent company. Her leadership will be instrumental in guiding the spinoff's strategic direction.

The changes in leadership reflect the ongoing efforts by both 3M and Zimmer Biomet to position themselves for success in their respective sectors. As the healthcare spinoff prepares to embark on its independent journey, Hanson's expertise and vision are expected to drive its growth in the dynamic healthcare landscape.